The FINANCIAL — Deutsche Bank on April 19 confirmed that Lee Zhang, 45, Chairman of Deutsche Bank, China and Head of Global Banking, Asia Pacific, after 10 years will leave the bank, to join ICBC, China's and the world's largest bank by market capitalization, as a Vice President.
Chinese authorities have been in close liaison with Deutsche Bank in relation to this appointment, which is the first senior management position at a major Chinese bank to be filled externally by an executive from a foreign bank.
Confirming the departure, Michael Cohrs, Deutsche Bank's Head of Global Banking said, "It is an honour for Lee to be called to this important post. He has made a valuable contribution to the development of the bank's franchise in China and our Global Banking platform in Asia Pacific. He has also been instrumental in the development of our business globally through his role on the Global Banking Management Committee."
Robert Rankin, CEO Deutsche Bank Asia Pacific said, "The move reflects very positively on the high standing of Deutsche Bank's team both in China and throughout the region."
Dr Josef Ackermann, CEO and Chairman of the Management Board of Deutsche Bank said, "We wish Lee well in his new role. China is and will remain a global priority market for Deutsche Bank. We are deeply committed to further investing and developing our China franchise which is already well established and flourishing."
Deutsche Bank has built a highly successful franchise in China where all of its global business units are licensed to operate. The bank opened an office in Shanghai in 1872 and has been locally incorporated in China since 2008. Deutsche Bank has strategic equity stakes in, and partnerships with, Harvest Asset Management, Huaxia Bank and Zhong De Securities. The bank has participated in many of China's largest cross border transactions including acting as lead underwriters on marquee IPOs of ICBC, Alibaba and China Life.
The bank will make an announcement regarding Lee Zhang's successor in due course.
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